Sensex Slumps 500 Points On Rising Oil Prices; IT Stocks Gain

Indian stock market indices in the afternoon trade were dragged sharply lower on oil woes. Also, banking stocks led the decline. Brent, global oil benchmark, surged to a near 6-month high of $74.31 per barrel after reports, citing sources, suggested that the US administration will not renew waivers for Iranian oil imports to nations such as China, India etc. The move is likely to hit major importers including India.

Sensex Slumps 500 Points On Rising Oil Prices; IT Stocks Gain

Sensex ended the trading session with loss of 495.1 or 1.26% at 38645.18 while NIFTY 50 also slumped 1.35% or 158.35 to below 11,600 mark at 11594.45.

Bharti Airtel, Wipro, TCS, Tech Mahindra and Infosy were the top gainers on the Nifty while losers were Indiabulls Housing, Yes Bank, BPCL, IndusInd Bank and IOC.

Surge in IT stocks came on the back of falling rupee, which hit a one-month low of 69.88 a dollar in the intra-day trade today, before paring some losses.

RIL also was dragged lower in trade by as much as 3%, after reporting a weak quarter for its for its refining and petrochemical business.

In intra-day trade, Nifty Bank fell 1.75% led by Yes Bank stock which declined 7%, PNB and IndusInd Bank also fell more than 4%.

Investors will keep an eye on the third-phase of general assembly elections scheduled for tomorrow.

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